Justin Sun’s Massive Ethereum Moves: What’s Behind the Hype?
According to on-chain data, Justin Sun, the founder of Tron (TRX), is currently moving a substantial amount of Ethereum (ETH) funds.
Crypto tracking platform Lookonchain initially detected a series of ETH transactions by Sun totaling approximately $132 million in value.
Justin Sun(@justinsuntron) applied to withdraw 80,251 $ETH ($132M) on Oct 4.
So far, he has successfully withdrawn 43K $ETH ($70M) and deposited it to #Binacne.https://t.co/6wvQuDabVE pic.twitter.com/asPLdKNqN4
— Lookonchain (@lookonchain) October 7, 2023
Reportedly, Sun is withdrawing a significant Ethereum stash, consisting of 80,251 ETH, from the liquid staking service provider Lido (LDO).
To date, he has successfully withdrawn 43,000 ETH, equivalent to $70 million, and has deposited it into the Binance exchange.
Given that Sun has transferred his ETH holdings to a crypto exchange, there is the possibility that these assets may enter the open market for trading.
In addition, Lookonchain is closely monitoring the movement of a crypto address linked to Ethereum co-founder Vitalik Buterin.
vitalik.eth(@VitalikButerin) related address transferred 1K $ETH ($1.64M) out again, which may be deposited into #Bitstamp.
This address has deposited a total of 4.4K $ETH ($7.23M) to #Bitstamp in the past 2 months.https://t.co/LRrcqoxUhf pic.twitter.com/oO0rEAD6pd
— Lookonchain (@lookonchain) October 7, 2023
According to on-chain data, this address might be depositing 1,000 ETH, valued at approximately $1.64 million, into the Bitstamp crypto exchange.
READ MORE: OpenAI CEO Rallies Against U.S. Crackdown on Cryptocurrency
Over the past two months, this specific address has deposited a total of 4,400 ETH, equivalent to $7.23 million, into Bitstamp. It received 70,000 ETH, valued at $115 million, from Vb3 and is suspected to be connected to vitalik.eth, which may be Vitalik Buterin’s associated address.
At the time of writing, Ethereum is trading at $1,588 with a 2.5% decrease in the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
